Indirect & direct tax collection goes up

Finance Minister Arun Jaitley today said direct and indirect taxes for the first three quarters of the current fiscal have moved up. Briefing media on tax data following government’s demonetisation drive, Mr Jaitley said from April to December this year, the increase in direct tax is 12.01 percent and indirect tax is 25 percent compared to last year. He said compared to November 2016, indirect tax collection growth in December 2016 is 12.8 percent.

Mr. Jaitley informed that customs collections dipped 6.1 percent in December last year as gold imports came down. He said excise, which is linked to manufacturing, increased 31.6 percent and service tax is up by 12.4 percent. The Finance Minister said state VAT collection is up and all well administered states have seen rise in VAT collection even in November.

Mr. Jaitley further said the Merchant Discount Rate, MDR issue of petrol pump owners will be sorted out soon. He said Petroleum Ministry is in touch with the concerned people. Petrol pump owners have deferred till January 13 their decision to not accept credit and debit card payments for fuel sales after banks put off the move to levy the transaction charge.

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